UK Online Retail Sales Report summary
August 2024
Period covered: Period covered: July 2024
3 minute read
Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Become a member to access this data or take out a free 30 day membership trial now.
Online performance
Online retail sales rose by xx% year-on-year (YoY) in July, compared to a xx% increase a year ago.
Weather impact:
July began cooler and wetter than average, with the coldest start since 2004. However, a significant warm spell in the third week brought the hottest days of the year, peaking at 31.9°C on 19 July and 32°C on 30 July. Rising temperatures helped support clothing and footwear sales as well as BBQ foods, salads and ice cream.
Promotional activity:
Summer sales and Amazon’s Prime Day event on 16 and 17 July boosted growth. In its tenth year, shoppers spent £xx online at this year’s event, an xx% increase from 2023 and the two highest online spending days of the year to date (Adobe Analytics). Electronics and personal care items saw the most significant discounts, with electronics xx% cheaper on average during the event.
Sporting success:
The conclusion of the Euro 2024 football tournament and start of the Olympic games in Paris created a feel-good factor amongst consumers, benefitting categories including food and grocery, electricals and apparel. As England progressed through Euro 2024, online sales of football shirts rose above normal levels, surging xx% after beating Slovakia, xx% following the win over Switzerland, and a staggering xx% spike ahead of the final against Spain. Later in the month, the opening ceremony of the Olympics in Paris (26 July) saw sales of wine were rise xx%, while nuts increased xx% and crisps rose by xx% on the previous week.
Underlying environment
July’s figures reflect improved household and financial stability. Earnings are growing faster than inflation, which remains close to the Bank of England's 2% target, though services and housing exert some upward pressure.
Despite the base rate staying high at 5.25%, mortgage rates began to ease, though rising mortgage and rental costs are squeezing many households.
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UK Online Spend vs Growth
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Source: ONS, Retail Economics analysis
